Michael Kent, the founder and CEO of Azimo start-up, which provides the digital money transfer service which is also available in Romania, says the UK’s vote to exit the European Union will hit London’s financial services industry.
“Many companies here depend on both EU market access and the ability and legal right to passport their services to the rest of Europe. I anticipate that we’ll see many finance players moving some, or potentially all, operations to elsewhere in Europe. Frankfurt, Amsterdam and Dublin are all obvious candidates,” said Kent.
The entrepreneur added that there is still uncertainty regarding the way in which the UK will actually exit the EU as it might take several years.
“We’re not worried about our business. We’re in a unique position as a well funded start-up to be able to respond to changing market conditions quickly and easily. The good news is that the FinTech industry is thriving across the whole of Europe at the moment, should London’s position as the heart of European FinTech now change as a result of this vote,” added the executive.